According to Stratistics MRC, the “Global Hyperloop Technology Market” is expected to grow from $0.132 billion in 2016 to reach $1.78 billion by 2023 with a CAGR of 45.01%.
Hyperloop technology is a scheme of building an ultra-high-speed ground transportation system. It's based on the very high-speed transit (VHST) system, which merges a magnetic levitation train and a low-pressure transit tube. It evolves some of the innovative ideas of VHST, but it still uses tunnels and pods or capsules to shift from place to place. These systems have many advantages over conventional transportation systems. Hyperloop systems propose a much faster and cheaper option to other forms of transportation. These systems are also extremely secure and immune to even natural disasters. Hyperloop is a novel form of public ground transport in growth by a number of companies, which could travel at 700 miles an hour in floating pods within low-pressure tubes.
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With the advancement of technology over the years, the mode of transportation has also undergone rapid change with new innovations – from high specs electric cars to bullet trains. Hyperloop, a futuristic transportation technology, is pitched as the next boundary of public mobility. Moreover, Hyperloop is one of the most awaited futuristic projects. Hyperloop systems propose a much quicker and cheaper alternative to other forms of transportation. These systems are also very safe and immune to even natural disaster. Diverse players in the market are investing heavily in R&D to further expand this technology. Amidst the positive government response, rising number of market players, and growing capital investment, the market is projected to witness exponential growth in the coming years. In addition, this technology has several advantages such as speedy transportation, safety, and security, and more efficient infrastructure.
Amongst component, the tube segment is expected to grow at a significant rate during the forecast period. The tube is a tunnel or an encapsulated path or track, where hyperloop pod travels. The tube is contained with near-vacuum pressure to lessen the air haul on capsule motion. The near-vacuum ambiance in the tube is proscribed by installing vacuum/pressure/evacuating pumps at regular intervals along the tube length and maintaining a pressure of around 5 to 6 pounds per square inch. Currently, these tubes are made of steel. Hyperloop tubes would be either constructed above or below the ground, occupying a lesser area than a traditional rail or road. Over the ground, tubes are supported by pylons, and each tube is welded or bolted together in a side by side configuration, which allows the capsule/pod to travel in both directions. Tube erection on pillars above the ground provided benefits of saving money, provision of protection from earthquakes, snowfall, and rainfall, and allowed the installation of solar panels on top of the tube.
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By geography, Asia-Pacific is anticipated to have a lucrative growth during the forecast period, due to present strong business opportunities and bolster business relationships. China is expanding its transportation network quickly and trying to bring down the costs connected to freight hauling. Being a developing country, China spends about 15% of its GDP on logistics, which makes it inept compared to the West, where the average stands at around 10%-12% of the GDP. Hyperloop technology can transport goods at a portion of the time taken by conservative road or rail transport. India is inviting companies from other countries to come to India to change the hyperloop technology inreality.
Some of the key players in the Hyperloop market are Hyperloop One, Spacex, Dgwhyperloop, Hyperloop Transportation Technologies, Aecom, Transpod Inc., MIT Hyperloop, Badgerloop, VicHyper, Delft Hyperloop, Open Loop, BITS Hyperloop, AZLoop, UW Hyperloop and WARR Hyperloop.
Hyperloop One – Aug, 2016 - HYPERLOOP ONE has signed a partnership agreement with DP World, the third largest port and terminals operator in the world. The agreement calls for the two parties to collaborate on an economic and technical feasibility study of how Hyperloop technology can improve the efficiency, profitability and sustainability of DP World’s flagship Jebel Ali port. Hyperloop One is developing a new mode of transportation that will allow the world to transport people and goods inexpensively, safely, and with energy efficiency at speeds never thought possible.
Transpod Inc. – Jun, 2017 – TransPod has partnered with Liebherr-Aerospace, a leading global supplier of air management, flight control actuation systems, landing gears, gears and gearboxes as well as electronics for the aviation industry in the civil and military sectors. Liebherr-Aerospace will support the research, development, and production of new cabin and vehicle thermal systems designed specifically for the TransPod hyperloop system to ensure safety, efficiency, and passenger comfort. To develop a commercially viable hyperloop system, TransPod continues to build a network of global industry partners. In that network, Liebherr-Aerospace’s extensive experience in developing leading-edge technology for aircraft, rail, and automotive vehicles will guide the design of systems that have low operating costs while remaining environmentally friendly and robust.
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